The world\u2019s richest 1 percent have more than twice the wealth of the rest of humanity combined, according to Oxfam, which called on governments to adopt \u201cinequality-busting policies.\u201d\r\nIn a report published ahead of the World Economic Forum\u2019s annual meeting in Davos, the UK-based charity said governments are \u201cmassively under-taxing rich individuals and corporations, and under-funding public services.\u201d\r\nOxfam\u2019s \u2018Time to Care\u2019 report also highlighted gender-based economic disparities, saying women and girls were burdened with disproportionate responsibility for care work and fewer economic opportunities. \u201cEconomic inequality is out of control, with 2,153 billionaires having more wealth than 4.6 billion people in 2019,\u201d it said.\r\n\u201cOur broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women, said Oxfam India Chief Executive Officer Amitabh Behar. \u201cNo wonder people are starting to question whether billionaires should even exist.\u201d\r\n\r\nBillionaires\u2019 fortunes\r\nThe world\u2019s three richest people amassed a total of $231 billion over the past decade, according to data compiled by Bloomberg. Facebook Chief Executive Officer Mark Zuckerberg \u2013 the fifth-richest person in the world \u2013 had the highest boost last year, with a net gain of about $6 billion.\r\nAmazon.com Inc CEO Jeff Bezos still claims the top spot with a net worth of $116 billion.\r\nThe total wealth of the top 20 billionaires has doubled from $672 billion to $1,397 billion since 2012, according to Bloomberg Wealth.\r\nAn individual who saved $10,000 a day since the construction of Egypt\u2019s pyramids would still only have a fifth of the average fortune of the world\u2019s top five, Oxfam said.\r\nOxfam\u2019s critics have dismissed the headline inequality statistics as misleading and suggest that they drastically overstate the scale of the problem. The organization has repeatedly defended its analysis and challenged such accusations.\r\nThe charity\u2019s annual statistics rely on Credit Suisse\u2019s Global Wealth report, which Oxfam itself said suffers from poor quality of data and may even underestimate the scale of wealth disparities.\r\n\r\nExtreme poverty\r\nCiting World Bank research, Oxfam said reducing inequality has a bigger effect on lowering extreme poverty than economic growth. That analysis \u201cshows that if countries reduced income inequality by 1 percent each year, 100 million fewer people would be living in extreme poverty by 2030, it said.\r\nFigures from the Washington-based lender show extreme poverty has declined drastically in the past two decades. They show the number of people living on less than $1.90 a day declined by 1.1 billion from 1990.\r\nThe World Bank warns however that poverty reduction has slowed or even reversed in some countries. 736 million people still lived in extreme poverty in 2015, more than half of whom are in Sub-Saharan Africa.